Why Does My Business Need a Fixed Asset Register?

Everyone who runs a business knows that they need to stay on top of their assets. All assets need to be tracked at all times. However, doing so can be easier said than done. Here is where itemit can help you. Thanks to the way that our fixed asset register software works, you can find it easier to keep a track of all of your fixed assets.

However, it’s not always clear exactly why every business needs a fixed asset register. This article will take you through just a few of the reasons why it makes sense.

Our software allows you to track all of the assets on your fixed asset register. This is thanks to the location-detection feature that comes as standard. Tracking assets is easy. Users simply need to affix a QR code or an RFID tag to each asset, making tracking possible.

Fixed assets are by their very nature, fixed. This means the location-tracking feature may not be required. However, there are many other features that can be tracked. These are each asset’s:

• Model, make and serial number
• Date of purchase
• Value at purchase
• Current value 
• Current user 
• Maintenance record 
• Insurance information
• Warranty information 
• Estimated resale value
• And so much more

When a business can track multiple features of each asset it’s more likely to be successful. This is a result of having more asset data. When more asset data is available, businesses can see if they are moving in the right direction. It may also be possible to see where improvements need to be made and where the business is excelling. 

All of this can be achieved when the right tracking software is used.

Every business is likely to have many fixed assets. When assets such as these are entered into an asset register it’s possible to save time. Time can be saved as users will have access to a lot of information about each asset. For example, they can access the instruction manual or the warranty information, should they wish to. 

It is possible to upload a lot of information about every asset, allowing a lot of time to be saved. Users no longer need to look through filing cabinets or computer files to locate the instruction manual. All that they need to do is log into itemit’s software and the information will be readily available. 

If a business has a large warehouse, for example, and some stock needs to be located, itemit can help. As long as the stock has a QR code or RFID tag attached to it, it can be tracked. Instantly knowing where the stock is can save quite a lot of time. Users won’t need to spend a long time searching for what they need. Rather, they can simply log into itemit’s software and see the asset’s last-known location.

When itemit’s fixed asset register is used to its full advantage, security can be improved. When RFID tags or QR codes are affixed to an asset it’s clear they’re being tracked. As a result, machinery, tools, and stock are less likely to get lost or stolen. Users will know that they’re being tracked and may even take greater care of them. 

Businesses may no longer need to spend a lot of money replacing or accounting for assets that have been lost or stolen. A direct result of this is that the funds that would have been spent replacing assets can be used elsewhere.

It is possible to edit a fixed asset register with ease. Users simply need to log into itemit’s menu and select the assets in question. Assets can be edited individually or in groups. This makes life so much easier and ensures that less time is spent making the important edits.

Here at itemit, we can provide you with the tools you need to help your business thrive. Our fixed asset register software has proven to be highly useful to businesses of all shapes and sizes. No matter where you are or what your business does, we can help you.

It’s no wonder that businesses everywhere are choosing to sign up for itemit. Thanks to the way that our asset register works, it can make every working day a much easier one. 

If you have any questions about how a fixed asset register can help, please feel free to contact us. You can reach our helpful team now at team@itemit.com. Alternatively, you could find out just how well our asset register can work for you by signing up for our 14-day free trial. Simply fill in the form below to get started.

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or, download the itemit app to get started